Commerce Bancshares (NASDAQ:CBSH) Price Target Raised to $58.00

Commerce Bancshares (NASDAQ:CBSH) had its price objective hoisted by equities research analysts at Keefe, Bruyette & Woods from $56.00 to $58.00 in a report released on Wednesday, Benzinga reports. The firm presently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price suggests a potential upside of 9.39% from the company’s current price.

Several other research firms have also recently commented on CBSH. Morgan Stanley boosted their target price on Commerce Bancshares from $46.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 7th. Raymond James raised Commerce Bancshares from a “market perform” rating to an “outperform” rating and set a $61.00 target price for the company in a research note on Wednesday. Finally, Bank of America started coverage on shares of Commerce Bancshares in a research report on Thursday, January 11th. They issued a “neutral” rating and a $55.00 target price on the stock. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $55.00.

Commerce Bancshares Trading Up 1.9 %

Shares of NASDAQ CBSH traded up $1.01 during mid-day trading on Wednesday, hitting $53.02. The company had a trading volume of 544,334 shares, compared to its average volume of 485,062. The stock’s 50-day moving average price is $51.92 and its 200-day moving average price is $50.90. The company has a market capitalization of $6.89 billion, a price-to-earnings ratio of 14.61 and a beta of 0.79. Commerce Bancshares has a 1 year low of $40.91 and a 1 year high of $56.75.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.86 EPS for the quarter, beating the consensus estimate of $0.80 by $0.06. Commerce Bancshares had a net margin of 24.41% and a return on equity of 17.46%. The company had revenue of $397.80 million during the quarter, compared to analysts’ expectations of $389.49 million. During the same quarter in the previous year, the company earned $0.90 earnings per share. Commerce Bancshares’s revenue for the quarter was up 2.2% on a year-over-year basis. As a group, equities research analysts forecast that Commerce Bancshares will post 3.24 earnings per share for the current year.

Insiders Place Their Bets

In other Commerce Bancshares news, SVP Patricia R. Kellerhals sold 730 shares of the firm’s stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $54.87, for a total transaction of $40,055.10. Following the completion of the transaction, the senior vice president now owns 25,502 shares of the company’s stock, valued at $1,399,294.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, SVP Patricia R. Kellerhals sold 730 shares of the firm’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $54.87, for a total transaction of $40,055.10. Following the completion of the transaction, the senior vice president now owns 25,502 shares of the company’s stock, valued at approximately $1,399,294.74. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Robert S. Holmes sold 5,000 shares of the stock in a transaction on Monday, March 11th. The stock was sold at an average price of $52.66, for a total value of $263,300.00. Following the completion of the sale, the executive vice president now directly owns 50,293 shares in the company, valued at $2,648,429.38. The disclosure for this sale can be found here. In the last quarter, insiders have sold 14,321 shares of company stock worth $752,387. Company insiders own 3.10% of the company’s stock.

Institutional Investors Weigh In On Commerce Bancshares

Institutional investors have recently made changes to their positions in the company. BKM Wealth Management LLC bought a new position in shares of Commerce Bancshares during the fourth quarter valued at $29,000. Creative Financial Designs Inc. ADV purchased a new stake in shares of Commerce Bancshares during the 4th quarter valued at about $35,000. PCA Investment Advisory Services Inc. bought a new stake in shares of Commerce Bancshares in the second quarter worth approximately $38,000. Quantbot Technologies LP purchased a new position in shares of Commerce Bancshares during the second quarter valued at approximately $42,000. Finally, Clarity Asset Management Inc. bought a new position in Commerce Bancshares during the fourth quarter valued at approximately $43,000. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Commerce Bancshares Company Profile

Commerce Bancshares, Inc operates as the bank holding company for Commerce Bank that provides retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals and businesses in the United States. It operates through three segments: Consumer, Commercial, and Wealth.